YOUR NET WORTH TRACKING SHEET WILL TELL A STORY
I have a new printable for all of you, a Net Worth Tracking Sheet which we feel is critical to the success of any savings and retirement portfolio at the basic level.
Over the years our free budget download which we added to the blog has been downloaded thousands of times but with feedback we’ve learned that not everyone is computer savvy.
In response to the feedback we began creating free printable documents for those of you who like to work with a manual budget binder instead of the computer.
I’m a paper and pen guy myself at times with certain aspects of our finances but prefer the computer. This is why we both have the excel budget spreadsheet and a budget binder where we manually document our finances.
For those of you who aren’t aware of what a budget binder is I will get you up to speed. It’s a 3-ring binder where we store our printable versions of documents that help us to see our overall financial picture.
As we build our portfolio of budget binder printable documents we add them to our free downloads page for all of our subscribers at no cost.
What is the net worth tracking sheet?
Why do we have both Paper and Paperless?
This may come as a surprise but Mrs. CBB is not a fan of the computer part of finance and she would rather see the numbers on paper where I don’t mind using the computer.
The budget binder we’ve been slowly creating has helped her to become part of our financial house which means she doesn’t have to turn on the computer to do anything.
The net worth tracking sheet is an 8×11 printable that you can 3-hole punch and add to your budget binder. Once you calculate your net worth each month you add the appropriate data by pencil on your sheet.
If you don’t want to print it you can save it to your computer and fill it in online then save it as a computer budget binder.
The choice is yours.
We use the printable sheets that we create, insert into our budget binder and update them monthly because it works for us.
Although, we do have a printable basic budget on the free downloads page for subscribers who would rather use a pen and paper budget we only use our excel budget together.
Her role every month is to sort the receipts, add them up to make sure the numbers all match according to what I’ve got documented on our excel budget. I guess this is our way of double-checking to make sure we aren’t missing anything.
If you don’t already keep every receipt for what you spend money on, you should. It really does help push the budgeting process along and something we’ve been doing since 2012.
Our budget binder stays on the main level of our house where my office is in the basement and where our excel budget is calculated.
She likes to keep the budget binder in her kitchen office so she has our figures by her side when she needs them and I’m not home.
The motivational factor of a net worth tracking sheet
The great thing about the net worth tracking sheet is that you can quickly glance at it when you need to for motivation which is what I really think it’s all about.
Whenever humans need that push in life having goals or something to connect with is so important and this what our net worth tracking sheet does for us.
There are times when fans have told me they don’t want to budget any longer as it’s too much work or their spouse/partner doesn’t want to participate.
It happens because no one said budgeting was supposed to be fun but it can be when you’re working your way out of debt and earning money.
You see, those numbers are SO important and should be each and every month. The more you see your net worth increase because your debt has decreased and investments have risen that is a good thing.
Now, as you will see from our numbers below we had a crappy month in October and lost over $14,000 but we know that investing is for the long-haul. We don’t plan to take our money out just yet as we have over 20 years to retire.
What I’m getting at is that if you need inspiration and that push to save more, pay down debt and get ahead of this financial game do whatever it takes to get there.
For many of you like Mrs. CBB the printable net worth tracking sheet is that motivation and for others like me our excel budget is enough.
Either way your money counts whether you are coming up from the negative or blasting through the markets rolling in the cash.
If your positive can be a simple piece of paper then do it, besides I’ve done the hard work all you have to do it print it!!
Good luck and see where the next 12 months of your net worth tracking sheet takes you.
Our Net Worth September and October 2018
Where did all of our money go this month?
As you can see in the charts above we went from a crappy month in September with little increase which is better than nothing to a massive loss in October. Boo.
October was our worst month of 2018 with a -$14,357.17 loss.
We’ve had a huge loss before and it recouped with-in two months and then some so we’re hoping to see some improvements into December when we run our net worth numbers.
The thing with net worth and investing your money is that you have to take the hits for the gains and sometimes that means just holding on hoping there will be a recovery. Risk, it’s all about risk. You win some, you lose some.
Back in 2008 we had a huge loss as well on Mrs. CBB’s RRSP’s but have since re-gained that loss so this is why they say if you plan on investing it’s for the long-haul.
Keep in mind your investment strategy will play a role in gains and losses in terms of how you invest and whether you are willing to be a high-roller or lay low just taking the gains and loss on a minimal level.
We have balanced portfolio’s but take bigger risks with our money and sometimes we pay the price and other times we reap the rewards.
I will talk more about investment risks in next months Net worth update so we understand them a bit better.
Have a great month everyone.
Understanding Net Worth
What Does Individual Net Worth Mean?
Net Worth is a snap shot of your financial health sort of like a picture or debt to net assets. In simple terms it’s a total of the value of your assets minus your liabilities.
We credit the growth of our net worth due to patience, perseverance, using a monthly budget and not giving up. Your numbers may go up and down but don’t let the numbers scare you rather understand why and move on.
If you would like to use our budget I offer a FREE downloadable budget which I created and that you can use at home just like we do. I don’t charge for it because I want you to save money not spend more!
There are tonnes of other free printable lists offered at Canadian Budget Binder to help you achieve some of those financial goals and build your net worth.
Calculate Your net worth
Do you know how to calculate your own Net Worth? We like to calculate our net worth every month so we know if we are still on track.
Some people calculate it yearly or quarterly but it’s up to you and how informed you want to stay when it comes to your financial health.
Net Worth is only an estimate and not everyone uses the same type of figures to tally it up.
Some of you may not include vehicles like we do or leave out assets inside the home like we have. You might be that person that believes that your house should be excluded.
It depends on what you want to calculate or what you can sell today and make money on for tomorrow.
Figuring out net worth is fairly easy as long as you know your personal numbers or monthly finances which means you need to do your homework.
Net Worth is simply adding up all your assets (what you own) then taking away your liabilities (what you owe) which will give you a net worth number.
Understanding your net worth will help you determine if you are on track to meeting or beating your personal financial goals. It doesn’t get any easier than that.
Net Worth = Assets – Liabilities
Why not go ahead and calculate your own using our Free Money saving Tool Net worth Calculator (Canadian Budget Binder 2012)
When budgeting anything is possible, we are proof of that although we still have a long way to go in our journey.
These are our numbers and our goals, not a means of comparison towards your own goals to others target goals.
We don’t care how much money others make or if they have a high net worth or if it is lower than ours as it’s not a competition. I hope our experiences will help guide you along your financial path working towards debt freedom.
Not everyone has the same path in life.
Some of you may have had to start over like I did or go to school a second time and now have OSAP loans to pay back.
Others may have divorced, lost money in the stock market or other investments, suffered job loss, fell ill or injured on the job and so on but you can’t let that stop you from achieving your financial goals.
Some of you may have been given trust funds, paid-for homes, paid educations or perks in life that give you a financial kick-start and that’s OK too.
Remember what I said, “It’s not about how much money you make, it’s how you save it”.
The only reason people accumulate wealth is because they know how to save or invest it wisely even if they did inherit money or win the lottery.
The smallest improvements should mean big strides in working towards reaching your goals.
Sometimes we have to fail in order to learn and we’ve all been there. Money can be an evil force for some people especially those who have a negative attitude towards their own financial situation.
I urge you to be optimistic and little by little with determination you too should see improvements, if you want that to happen.
Net worth updates 2018
Click the links below to read 2017 net worth updates to see how we made out following our own budgeting and investing rules.
- January 2018
- February 2018
- March 2018
- April 2018
- May 2018
- June 2018
- July 2018
- August 2018
- September 2018 (oops missed this month’s update post)
That’s all for this months net worth update but please check in at the beginning of December 2018 to see how we made out in November 2018 with our financial portfolio.
“It’s Not About How Much Money You Make It’s How You Save It“
Don’t forget to Subscribe to CBB and Check out our > Monthly Budget Updates